FirstBank launches FirstEase BNPL service: Shop gadgets, pay bills in instalments with specific terms
FirstBank today launches FirstEase, a Buy Now, Pay Later service offering two channels: For e-commerce, customers pay min 30% upfront for electronics/appliances from partner merchants (Ringaz, Jumia etc.), finance up to ₦1m over 6 months with 3% monthly interest on reducing balance, 2% one-off insurance, and 1.2% checkout fee (max ₦2,000). For bills (electricity, data, cable), zero upfront payment, finance ₦1k-₦200k over 30 days with 5% monthly interest and 3% monthly insurance.
This targets salary earners facing urgent needs - like buying a work laptop or paying an unexpected electricity bill - when full payment isn't feasible. Accessible via FirstMobile/LIT App without visiting branches, it integrates financing directly at purchase/bill payment point.
Eligibility requires BVN, salary account status, and passes credit checks using bank records, third-party scoring, and AI models. Customers see exact instalment amounts before accepting. With e-commerce, repayment aligns with payday; bill payments clear in 30 days.
Given these terms, will you use FirstEase for essential purchases despite the added cost, or save upfront to avoid interest and fees?